Two essays on financial sector performance in Latin America

This dissertation consists of two essays on financial sector performance in Latin America. These two essays complement each other so that, when placed together, they are expected to provide policymakers with guidelines on how to design appropriate financial sector reform strategies in an attempt to promote long-term economic development, and thus to attract more foreign direct investment (FDI) inflows not only for Latin American countries, but also for developing countries in general. Chapter one investigates the extent to which the short and the long-run relationship between financial development and economic growth exists in Latin America. It focuses on two major aspects of financial development that can enhance growth: stock market and banking sector. Specifically, what role does the financial sector play in the economic growth process? What effect, positive, negative or zero, has financial development exerted on economic growth? Have the stock market and banking sector development indicators jointly entered the growth regression significantly? What type of causality, uni-directional or bi-directional, exists in the finance-growth nexus? Utilizing panel data methods and applying Granger causality tests within a framework of panel cointegration and error correction model, we attempt to answer the above questions empirically and shed some light on the roles of financial development as well as other conditional variables in determination of economic growth. Chapter one recommends that the real sector of Latin American economies should be developed further in order to sustain the development of the banking sector. On the other hand, the empirical results suggest that there is considerable evidence of bi-directional causality between stock market development and economic growth when stock market development indicators are used as proxies for financial development. Based on these results, government policies designed to enhance the efficiency of the stock markets and economic growth will be mutually beneficial in Latin America and other regions at the same stage of financial development such as East Asia, Africa, and Eastern Europe. Chapter two examines the domestic and international determinants of FDI in Latin America. In particular, what factors led to the upsurge in FDI into the region? Why are some countries more successful than others in attracting FDI? Whether factors that affect FDI in developing countries affect countries in Latin America differently. Whether countries with well-developed financial markets attract more FDI inflows. Whether FDI flows to developing countries are determined by domestic and/or international factors. This chapter attempts to answer the above questions based on the experience of 14 Latin American countries from 1978 to 2007. The empirical findings in this chapter show that both domestic and international factors have been important determinants of FDI inflows to Latin America. Therefore, chapter two recommends that emphasis in the short and medium term should be focus on reforming investment regulatory framework to remove or reduce FDI restrictions, implementing policies that promote macroeconomic economic stability, and improving the educational and physical infrastructure. While, in the long-run, more FDI can be attained by persisting support for FDI liberalization through bilateral or multilateral means, continuing of the privatization process, and implementing appropriate monetary and fiscal policies for economic reforms and international integration with the world economy, thereby improving the attractiveness of a nation as a destination for FDI. Further analyzing the relationship between FDI and financial development, the empirical findings provide supporting evidence that a well-developed financial sector can represent a source of absorptive capacity in the host country which may enable these countries to absorb the positive impact of FDI. Therefore, the evidence suggests that Latin American countries should continue to stimulate and improve financial sector development in the economy to make it more attractive for foreign investors. The Granger causality results show that the causal link between FDI and banking sector development is uni-directional, suggesting that the development of banking sector in Latin American countries can attract more FDI. We also provide evidence that the link between FDI and stock market development indicators is bi-directional. Therefore, the evidence suggests that Latin American countries should continue to stimulate and improve financial sector development in the economy to make it more attractive for foreign investors

CEREBROVASCULAR RISK FACTORS, ARTERIOLAR SCLEROSIS, AND COGNITIVE DECLINE IN THE KENTUCKY APPALACHIAN “STROKE-BELT”

The relationship between cerebrovascular disease (CVD) risk factors and cognitive impairment or dementia has been widely studied with significant variability in findings between groups. We hypothesized that chronic small vessel injury in the form of arteriolar sclerosis, measured quantitatively using MRI to measure total white matter hyperintensity (WMH) volumes, would identify specific association of CVD risk factors and patterns of cognitive decline, associated with mild cognitive impairment of the cerebrovascular type, that represent the core features of vascular cognitive impairment in our cohort. A Cross-sectional analysis of clinical and quantitative MRI data on 114 subjects with normal cognitive function (n=52) and mild cognitive impairment (MCI; n=62) was performed. Quantitative total WMH volumes were examined in relation to potentially causative CVD risk factors and resultant test scores across cognitive domains using linear regression models adjusted for age, gender, and education. Among CVD risk factors analyzed, age (p\u3c 0.001), education (p= 0.003), hypertension (p= 0.012), and hyperlipidemia (p= 0.008) demonstrated the strongest associations with WMH volumes. Conversely, diabetes, smoking, history of heart attacks, atrial fibrillation, and history of stroke that have shown associations with CVD pathology on imaging in other studies were not statistically associated with increased WMH in this cohort. WMH volumes were associated with decrease performance on the Trial Making Test type A & B and long delayed free recall on the California Verbal Learning Test. Our findings suggest similarities and yet differences in comparison to other studies. Hypertension and hyperlipidemia appear to represent common shared risks across geographically disparate groups. Our findings, like others, suggest CVD pathology impact processing speed and executive function and provide further evidence for CVD effects on short-term memory in those at risk for cognitive decline and the future development of dementia in our cohort

Understanding the Contributions of Alzheimer’s Disease & Cardiovascular Risks to Cerebral Small Vessel Disease Manifest as White Matter Hyperintensities on Magnetic Resonance Imaging (MRI)

Introduction: Alzheimer’s Diseases (AD) & cerebral small vessel disease associated with cardiovascular risk factors (cSVD) frequently coexist, differentially affecting both imaging and clinical features associated with aging and dementia. We hypothesized that Magnetic Resonance Imaging (MRI) can be used in novel ways to identify relative contributions of AD & cardiovascular risks to cSVD and brain atrophy, generating new biomarkers & insights into mixed disease states associated with cognitive decline and dementia. Methods: Three experiments were conducted to address the overarching hypothesis. First, we visually rated the clinical MRI of 325 participants from a community-based cross-sectional sample to elucidate the relative association of age, AD (visualized as hippocampal atrophy) and cSVD (visualized as white matter hyperintensities; WMH) with global brain atrophy in experiment 1. In experiment 2, we analyzed cross-sectional MRI scans from 62 participants from the University of Kentucky Alzheimer’s Disease Center (UKADC) with available clinical data on cardiovascular risk and cerebrospinal fluid (CSF) beta-amyloid levels as a marker of AD. Voxel wise regression was used to examine the association of white matter hyperintensities with AD and/or cardiovascular risk (hypertension). Experiment 3, examined longitudinal MRI changes in WMH volumes in 377 participants from the Alzheimer’s Disease Neuroimaging Initiative 2 (ADNI 2). Subjects were categorized into three groups based on WMH volume change, including those that demonstrated regression (n=96; 25.5%), stability (n=72; 19.1%), and progression (n=209; 55.4%) of WMH volume over time. Differences in brain atrophy measures and cognitive testing among the three group were conducted. Results: In the first experiment, logistic regression analysis demonstrated that a 1-year increase in age was associated with global brain atrophy (OR = 1.04; p = .04), medial temporal lobe atrophy (MTA; a surrogate of AD) (OR = 3.7; p \u3c .001), and WMH as surrogate of cSVD (OR = 8.80; p \u3c .001). Both MTA and WMH were strongly associated with global brain atrophy in our study population, with WMH showing the strongest relationship after adjusting for age. In the second experiment, linear regression as well as mediation and moderation analyses demonstrated significant main effects of hypertension (HTN; the strongest risk factor associated with cSVD) and CSF Aβ 1-42 (a surrogate of AD) on WMH volume, but no significant HTN×CSF Aβ 1-42 interaction. Further exploration of the independence of HTN and Aβ using a voxelwise analysis approach, demonstrated unique patterns of WM alteration associated with either hypertension or CSF Aβ 1-42, confirming that both independently contribute to WMH previously classified as cSVD. Extending this work into a longitudinal model rather than focusing on purely cross-sectional associations, we demonstrated that spontaneous WMH regression is common, and that such regression is associated with a reduced rate of global brain atrophy (p = 0.012), and improvement in memory function over time (p = 0.003). Conclusion: These data demonstrate that both AD and cSVD frequently coexist in the same brain, contributing differentially to alterations in brain structure, subcortical white matter injury, and cognitive function. These effects can be disentangled using MRI, and while we currently lack therapeutic interventions to halt or reverse AD, the dynamic WMH change evident in our data clearly suggests that the ability to reverse cSVD exists today

Changes in endotoxin levels in T2DM subjects on anti-diabetic therapies

Introduction Chronic low-grade inflammation is a significant factor in the development of obesity associated diabetes. This is supported by recent studies suggesting endotoxin, derived from gut flora, may be key to the development of inflammation by stimulating the secretion of an adverse cytokine profile from adipose tissue. Aims The study investigated the relationship between endotoxin and various metabolic parameters of diabetic patients to determine if anti-diabetic therapies exerted a significant effect on endotoxin levels and adipocytokine profiles. Methods Fasting blood samples were collected from consenting Saudi Arabian patients (BMI: 30.2 ± (SD)5.6 kg/m2, n = 413), consisting of non-diabetics (ND: n = 67) and T2DM subjects (n = 346). The diabetics were divided into 5 subgroups based on their 1 year treatment regimes: diet-controlled (n = 36), metformin (n = 141), rosiglitazone (RSG: n = 22), a combined fixed dose of metformin/rosiglitazone (met/RSG n = 100) and insulin (n = 47). Lipid profiles, fasting plasma glucose, insulin, adiponectin, resistin, TNF-α, leptin, C-reactive protein (CRP) and endotoxin concentrations were determined. Results Regression analyses revealed significant correlations between endotoxin levels and triglycerides (R2 = 0.42; p < 0.0001); total cholesterol (R2 = 0.10; p < 0.001), glucose (R2 = 0.076; p < 0.001) and insulin (R2 = 0.032; p < 0.001) in T2DM subjects. Endotoxin showed a strong inverse correlation with HDL-cholesterol (R2 = 0.055; p < 0.001). Further, endotoxin levels were elevated in all of the treated diabetic subgroups compared with ND, with the RSG treated diabetics showing significantly lower endotoxin levels than all of the other treatment groups (ND: 4.2 ± 1.7 EU/ml, RSG: 5.6 ± 2.2 EU/ml). Both the met/RSG and RSG treated groups had significantly higher adiponectin levels than all the other groups, with the RSG group expressing the highest levels overall. Conclusion We conclude that sub-clinical inflammation in T2DM may, in part, be mediated by circulating endotoxin. Furthermore, that whilst the endotoxin and adipocytokine profiles of diabetic patients treated with different therapies were comparable, the RSG group demonstrated significant differences in both adiponectin and endotoxin levels. We confirm an association between endotoxin and serum insulin and triglycerides and an inverse relationship with HDL. Lower endotoxin and higher adiponectin in the groups treated with RSG may be related and indicate another mechanism for the effect of RSG on insulin sensitivity

Scholars’ research-related personal information collections: A study of education and health researchers in a Kuwaiti University

Purpose The aim of the paper is to explore the character of scholars’ research-related personal information collections (PICs). Design/methodology/approach The study was based on in-depth interviews and office tours of 17 scholars in Education and Health Sciences in a Kuwaiti Higher Education Institution. Findings Scholars’ research-related PICs were added to throughout the research life-cycle. They were huge, diverse, hybrid and fragmented. Key factors shaping the collections were the pressure to do research, time pressure in general, quality of space available, technology opportunity, lack of support from central services, the need to collect Arabic material, self-presentation and selfmanagement. Older scholars and non-Kuwaiti nationals experienced the pressures slightly differently. Research limitations/implications The study was limited to scholars in two disciplines, in one institution in a developing world context. However the models produced are suggestive of factors involved in shaping of the research-related PICs of scholars in general. Practical implications Failures in Personal Information Management are a cause for concern in terms of data integrity and validity of research. Interventions could include training of early career researchers for a life time of collecting. Originality/value This is the first study to examine the contents of scholars’ research-related PICs and to provide a model of factors shaping them

Serum leptin and its relation to anthropometric measures of obesity in pre-diabetic Saudis

Background: Little information is available on leptin concentrations in individuals with IGT. This study aims to determine and correlate leptin levels to anthropometric measures of obesity in prediabetic, (IFG and IGT), type 2 diabetic and normoglycaemic Saudis. Methods: 308 adult Saudis (healthy controls n = 80; pre-diabetes n = 86; Type 2 diabetes n = 142) participated. Anthropometric parameters were measured and fasting blood samples taken. Serum insulin was analysed, using a solid phase enzyme amplified sensitivity immunoassay and also leptin concentrations, using radio-immunoassay. The remaining blood parameters were determined using standard laboratory procedures. Results: Leptin levels of diabetic and pre-diabetic men were higher than in normoglycaemic men (12.4 [3.2–72] vs 3.9 [0.8–20.0] ng/mL, (median [interquartile range], p = 0.0001). In females, leptin levels were significantly higher in pre-diabetic subjects (14.09 [2.8–44.4] ng/mL) than in normoglycaemic subjects (10.2 [0.25–34.8] ng/mL) (p = 0.046). After adjustment for BMI and gender, hip circumference was associated with log leptin (p = 0.006 with R2 = 0.086) among all subjects. Conclusion: Leptin is associated with measures of adiposity, hip circumference in particular, in the non-diabetic state among Saudi subjects. The higher leptin level among diabetics and pre-diabetics is not related to differences in anthropometric measures of obesity